|
Group Health Insurance
By Robert Lawrence
To discuss the terminology Group Health Insurance, we must first familiarize ourselves with the concepts Insurance and Health Insurance.
Insurance is a kind of protection, a safety net against unforeseeable losses. No one knows what the future holds, and insurance is a good way of preparing for what may come. Health insurance is a protection against medical costs. The insurer pays the cost of the insured person if the latter falls ill - due to accident maybe, or any of the covered causes. Magnify the health insurance more than ten times over and you get the Group Health Insurance.
Group Health Insurance is a health coverage based on a group of people under a company or an organization. The cost of the insurance is allotted among the members of this group. The group enjoys a wide range of benefits of Group Health Insurance. A master contract or policy is issued to their employer or to any of the group's affiliations.
Health insurance is one of the most important benefits offered to an employee through their employers. Not only does an employee feel secure with this insurance, he also feels assured of the care of his employers. Companies spend billions annually for health insurance, and group health insurance make up the bulk of the revenues earned by health insurance companies.
Group health insurance can be availed by any company with two or more employees. Requirements vary around the world, though one constant requirement is the proof of legitimacy of the company's operation. The number of employees to be insured under the group plan determines the type of coverage available to the employer. A company with more than a thousand employees will have customized health plans, and these may include additional benefits.
With the rising costs of prescription drugs and health care in recent years, companies have experienced a drastic increase in the cost of providing health care benefits to their employees. Many companies are forced to cut back on the benefits of the health plan, and some even require their employees to pay a higher share of the monthly premium of the insurance, even to the point of requiring them to pay the 100% of the dependent premium! Decreases in the health insurance benefits cause some employees to pay medical expenses themselves when they require medical treatment or prescription drugs. Businesses offering full premium payment for employees and their dependents are fast decreasing. About the Author Robert co-founded Insurance4USA.com, an insurance quote shopping service - http://www.insurance4usa.com , in 1999. He has been a licensed insurance agent in New York State since 1990.
Article Source: http://www.simplysearch4it.com/article/37783.html
If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/37783.html" as shown above and make it hyperlinked. |
Some other articles by Robert Lawrence | Disability Coverage Information In federal law, disability is an impairment, either physical or mental, that substantially inhibits a person in a major way. As such, a disabled person is not necessarily born that way. Something may have happened to ...
Medicare Supplement Quotes Medicare is a well-known term for American employees. It is a health insurance program administered by the government. It is an ...
Viatical Settlement - A win-win situation for most! Viaticum is the Eucharist given to a person on the verge of death, or to one who is facing a possibility of death. ...
Long Term Care Insurance Policy Most young people ignore the fact that they will grow old one day. It is the wise ones who not ...
Viatical Quotes The word 'viatical' originates from the word 'viaticum' which was part of the last rites performed on a dying Catholic in order to prepare him for his destiny. ...
Annuity Quotes To gain an understanding of annuities, we need to start at the beginning. In the year 1740, the Presbyterian Church began to use annuities ...
|
|
| |
|
|
|